Bang...and the debt is gone! (Hopefully!)

miggy

I promised I'd have a look, though I'm not much good at these things!

MissShoes wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2225
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 250 (this is my partner's half of bills and rent)
Total monthly income.................... 2475

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 44 (this is for gas and electricity for a one bed flat with 2 occupants) Are you going to be affected by the hike in energy prices? It's worth making plans ahead for winter (there are threads) and of course make sure you are switching off things that aren't in use, putting on a jumper bfore the heating and so on.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 0
Mobile phone............................ 75 (this is for 2 contracts. They are being reduced as and when the companies allow- I will switch to PAYG/very cheap contract once these have ended. 1 contract will be closed)
TV Licence.............................. 12
Satellite/Cable TV...................... 34 (this is for broadband and sky tv)
Internet Services....................... 0
Groceries etc. ......................... 100 (this is my half- OH contibutes a similar amount)
Clothing................................ 50 (there are times when I spend nothing and times when I need to invest in things for work)
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 48
Car maintenance (including MOT)......... 20
Car parking............................. 2
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 (dentist, opticians, doctor)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10 Is this enough?
Entertainment........................... 100 Mmm... depends what's included in this but to me that's an area where you might cut down quite a bit, at least till the worst's over.
Holiday................................. 0
Emergency fund.......................... 0I'd say you need something here - maybe when the next debt is paid off, you could start a small savings account as well as snowballing?
Total monthly expenses.................. 1160


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 750
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Friend c (Family)..............500.......250.......0
Friend d.......................2500......0.........0
Wonga..........................200.......200.......0
NW Overdraft...................2000......25........0
Ikea Card......................420.......15........20
Dorothy Perkins Card...........240.......8.........29.9 Could you put a bit more in here? It's a small repayment at a high rate. Even a couple of pounds more would reduce the capital.
Barclaycard....................550.......15........26.9
Vanquis Credit Card............300.......30........47.9 Horrible. Is this the one you're aiming at?
LPF Credit Card................250.......15........27.9
BCW............................198.......75........0
Total unsecured debts..........7158......633.......-


Monthly Budget Summary
Total monthly income.................... 2,475
Expenses (including HP & secured debts). 1,160
Available for debt repayments........... 1,315
Monthly UNsecured debt repayments....... 633
Amount left after debt repayments....... 682

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,158
Net Assets.............................. -5,658

Notes on SOA

I live with my OH- he earns £1250 a month and has no debt. We split rent and bills proportionately relating to income. We're lucky with our monthly rent- keyworker flat- which is now fixed price for another year.

I have a 4 month garnish on my wage of £225 left to run

I am snowballing my debts. The friend who I owe £2500 to has insisted on me being debt-free completely before they'll accept me repaying them. I'm very lucky!

The monthly payments to my family member and other friend are non-negotiable.

As you can see, I have many high-amount payments ending soon:


Wonga £200 a month- finishes on July payday
Family £250 a month- finishes on August payday
BCW £75 a month- finishes on September payday (might pay a double payment in August to speed this up).

Then the freed up money from not making these payments will go off other debts.

I am starting payments to the OD this month as it is my biggest debt and has pretty much been at £2000 for years. They have started charging interest so I want rid. I am paying a nominal amount monthly until credit/storecard debt is gone- then I'll tackle this with all my surplus money.

Please rip this apart as you see necessary- open to all suggestions.

Shoes xxx

Not a huge amount to offer, sorry, but if it were me I think I'd be in a hurry to get rid of the debts with the highest interest rates first.

chevalier

Are all of your debts that you have paid off showing as settled on your credit report?

Sorry that your OH won't pull his weight around the house. I can see why you need a cleaner therefore. But surely he could see that this expense will stop you getting a bigger place together sooner?....

Good luck with your continued debt busting.
chev

MissShoes

miggy wrote: »

I promised I'd have a look, though I'm not much good at these things!



Not a huge amount to offer, sorry, but if it were me I think I'd be in a hurry to get rid of the debts with the highest interest rates first.

Hey thanks for looking through it Miggy xx

1) we're with the websaver British Gas dual fuel tariff. We May be affected by the fuel price hike. But- By paying that amount on gas each month, we hardly have any winter gas bill. We're lucky our flat is sandwiched by an upper and lower flat and the windows are ok. It retains heat well so the heating is used max for a couple of hours a day in the coldest months as and when we need it. I've started squirrelling away a few extra pennies to help with the extra cost. Any extra on the electricity over that amount, OH pays as he's the cause of it (PC!!!!!!) I've read the saving for winter threads and am watching things like slankets (blankets with sleeves), fleecy slippers, dressing gowns and warm pjs to get an idea of prices then building that into budget.


2) Haircuts- that's just for me and I hardly get my hair cut but you are right, it needs increasing. I dye it every 2 months for around a fiver but I'm about to have it cut into a more high maintenance style so I'll need it cutting every 2 months. Will see how much my first cut is then adjust figure.

3) Emergency fund- I've started this already. I've opened lots of pots with ING direct so I can see what I've got. They're called: new home, car, bills and flat extras, xmas and gifts, and rainy day. I'm rounding down my bank balance here and there so I don't notice it. Only £35 in there so far but it'll grow as debts decrease.

4) Debts- Vanquis and DP are the ones I'm overpaying- mostly because of their huge interest rates but also due to their balances- should be able to clear them soon.

Shoes xx

MissShoes

chevalier wrote: »

Are all of your debts that you have paid off showing as settled on your credit report?

Sorry that your OH won't pull his weight around the house. I can see why you need a cleaner therefore. But surely he could see that this expense will stop you getting a bigger place together sooner?....

Good luck with your continued debt busting.
chev

Hey Chev, thanks for posting. He can see that it's an extra expense but unfortunately can not see the dirt/mess/chaos growing so everytime he tackles it, he's tackling a week's worth and then feels overwhelmed/switched off to it as it takes so long.

My plan is to have her once a week and then see how we go off maintaing her standard for a week, then if possible reduce her to fortnightly, to reduce the cost.

Realistically, we both work 40+ hours a week, me often a lot more than that plus he helps run a charity that takes a few hours of his time a week and I'm halfway through an MA so need a few hours a week for that. So, the most we can do is 15 minutes a day- which should be enough to maintain the set standard. Fingers crossed- she starts today.

We spent last night organising the place so it's easier to clean. An ikea trip is needed for some shelves and boxes and tv unit and coffee table but I think that'll have to wait til next month- not enough space in my budget this month.

Shoes xx

miggy

MissShoes wrote: »

We May be affected by the fuel price hike. But- By paying that amount on gas each year, we hardly have any winter gas bill. We're lucky our flat is sandwiched by an upper and lower flat and the windows are ok. It retains heat well so the heating is used max for a couple of hours a day in the coldest months as and when we need it. I've started squirrelling away a few extra pennies to help with the extra cost. Any extra on the electricity over that amount, OH pays as he's the cause of it (PC!!!!!!) I've read the saving for winter threads and am watching things like slankets (blankets with sleeves), fleecy slippers, dressing gowns and warm pjs to get an idea of prices then building that into budget.

Sounds really good. Someone was mentioning woolly tights are cheaper on Ebay at the moment too - for you I mean, OH may not want them!

2) Haircuts

Enjoy the new cut! It can be a big moralle booster so you never know, it may count as an investment!

3) Emergency fund- I've started this already. I've opened lots of pots with ING direct so I can see what I've got. They're called: new home, car, bills and flat extras, xmas and gifts, and rainy day. I'm rounding down my bank balance here and there so I don't notice it. Only £35 in there so far but it'll grow as debts decrease.

Thanks for mentioning that. I have been thinking about 'pots' for money but our bank doesn't allow for this so I'll look into ING direct.

4) Debts- Vanquis and DP are the ones I'm overpaying- mostly because of their huge interest rates but also due to their balances- should be able to clear them soon.

Shoes xx

:T:T:T go for it!

MissShoes wrote: »

We spent last night organising the place so it's easier to clean. An ikea trip is needed for some shelves and boxes and tv unit and coffee table but I think that'll have to wait til next month- not enough space in my budget this month.

Shoes xx

It might be worth trying Freecycle/ small ads/ dropping hints to friends and family in case there are any going begging. You might save money and be doing someone else a favour - and if you wanted you could always replace them once the money is straightened out.

MissShoes

First day I've had in along time to catch my breath, relax...and update my diary!!!

Lots in the pipeline in terms of debt repayments. A few more to make today and then I'm done for this month.

Lots of extra expenses this month- furniture and bits for the house but all bargains and worth every penny.

First day at home today so lots to accomplish:

2 loads of laundry DONE
sort out bedding and towels- old sets into under bed/under sofa storage DONE
tidy the lounge DONE
finish building last few storage boxes from ikea DONE
sort, organise, file, shred my paperwork mountain STAGE ONE COMPLETE!!
sort out holiday money and budget STAGE ONE COMPLETE!!
pay last 3 creditors- 2 DOWN, 1 TO GO
pay o2 phone bill- DONE
make sure OH has all he needs to survive a fortnight without me!!! DONE

There's lots more. I am currently sitting in bed watching TV and relaxing. I must get out of bed! Will bring storage boxes in here to build!

More to post later

Shoes

MissShoes

Finally it's Saturday- it's been one of those slow weeks for me, but also a very productive one luckily.

Another busy day ahead of me, will rope in OH to the heavier tasks. The cleaner came yesterday so the place is sparkling, it will remain that way til I go on holiday early next week- then OH is in charge!

Debt wise I'm doing averagely well. Nothing special at all. I have one loan next month finishing so i'll be £250 a month better off- but that debt isn't in my name so no positive affect on my credit rating.

I've written to companies about my defaults- no replies whatsoever. Will pester once I'm back from hols.

I have made all my payments for this month- all bar one phone bill of £98!!!

Anyway, today's list is:

1) take furniture outside to be collected by council DONE
2) move cooker out so i can clean and bleach behind/underneath it
3) do the last of the laundry DONE
4) hang up any dry clothes
5) air the place, get all windows open for a while DONE
6) move washing machine out to reposition and nail down lino floor
7) remove stickers that are in bathroom (saying my sink has been inspected!)
8) remove old shower screen bracket
9) sand down filled holes and repaint a wall
10) sort out final box of paperwork and finalise system
11) shredding and lots of it!
12) straighten a set of pictures which have gone askew
13) clean out the hall cupboard
14) list bike to sell DONE
15) food shopping DONE
16) mend 3 cushion covers which are ripped at the seams (silk style so very fragile) DONE
17) clean out washing machine drawer and door then put on hot wash with vinegar DONE
18) mend rip along seam of backpack

Luckily OH is going out around 7ish so I'll have his help for the heavier stuff then I can relax with a g and t and the paperwork/shredding/organising which he hates and I love, whilst watching some TV- my sky plus needs emptying!

Hope all's well with any readers- feel free to post!

Shoes x

MissShoes

Yesterday's list did not get completed= epic fail

On the other hand, OH took me out for a lovely lunch so it was time well spent and a NSD for me.

So today- if I make it out of bed which is not altogether certain, I will:


1) move cooker out so i can clean and bleach behind/underneath it
2) hang up dry clothes in wardrobes DONE
3) move washing machine out to reposition and nail down lino floor
4) remove stickers that are in bathroom (saying my sink has been inspected!)
5) remove old shower screen bracket
6) sand down filled holes and repaint a wall
7) sort out final box of paperwork and finalise system DONE
8) shredding and lots of it! DONE
9) straighten a set of pictures which have gone askew
10) clean out the hall cupboard
11) mend rip along seam of backpack

I also want to soak in the tub, do some pampering, eat lots of yummy food and catch up on MSE.

Is anyone else lacking energy and drive today or is it just me?

Shoes x

MissShoes

oh dear- I still haven't made it out of bed!!!!

MissShoes

Had a lovely chilled night with OH last night but as you can see, a whole load of things now still incomplete. I am away as of tomorrow so time really is of the essence (she says, posting away on MSE like she has nothing else to be getting on with).

So today I will (will, will, will):

1) move cooker out so i can clean and bleach behind/underneath it
2) move washing machine out to reposition and nail down lino floor
3) remove stickers that are in bathroom (saying my sink has been inspected!) DONE
4) remove old shower screen bracket DONE
5) sand down filled holes and repaint a wall
6) straighten a set of pictures which have gone askew
7) clean out the hall cupboard
8) mend rip along seam of backpack DONE
9) try to find my driving license (i've only just renewed it and now have no idea where it is) no luck, it's not in the car and the flat is tidy so nowhere really it could be- might be at work, if not will have to get a new one
10) try to find OH playstation controller DONE
11) batch cook a big load of bolognese for OH DONE
12) finish paperwork DONE
13) paperwork ready for appointment after hols DONE
14) make results appointment at hospital DONE
15) pick up post and parcel DONE

Have done some bits today and am feeling more productive than recent days so hopefully I'll be a bit more successful!